New Delhi, Feb 16 (TIWN) The metal market is again on an upswing with futures of both precious and base metals on the rise largely on the hopes of the proposed massive $1.9 trillion stimulus package in the US along with improving demand.

Earlier this month, the US House of Representatives already approved a budget resolution that would allow Congress to pass President Joe Biden’s $1.9 trillion Covid-19 relief package without Republican support.  Kshitij Purohit, Product Manager for Currency & Commodities with CapitalVia Global Research Ltd. said that the economic package will lead to weakening of the dollar and investments would flow into the safe haven assets of gold and silver.  Silver futures in the domestic market are currently trading above Rs 70,000 per kg due to the weak dollar and hopes of further stimulus in the US.  The March contract of silver on the Multi Commodity Exchange (MCX) is currently trading at around Rs 70,401 per kg, higher by Rs 272 or 0.39 per cent from its previous close.